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An Analysis of the Health and Retirement Status of the Elderly

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  • Robin C. Sickles
  • Paul J. Taubman

Abstract

in this paper we specify and estimate a structural limited dependent variable model with which we study both the health and retirement status of the elderly. Standard linear estimators, which assume that these variable sare continuous, are not appropriate and categorical estimation techniques are preferred. Our model differs from previous work in that we have longitudinal data and random effects that are correlated over time for different individuals. The problem is made more complicated because there is sample truncation, which could potentially bias coefficient estimates, since approximately twenty percent of the individuals in our sample die. We outline the full information maximum likelihood estimator for such a model and implement it in our empirical analysis. With our structural estimates we analyze, among other things, the degree to which endogeneously determined health status affects the probability of retirement and how changes in social security benefits and eligibility for transfer payments modify both healthiness and the demand for leisure.

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Bibliographic Info

Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 1459.

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Date of creation: Sep 1984
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Publication status: published as Sickles, Robin C. and Paul J. Taubman. "An Analysis of the Health and Retirnt Status of the Elderly," Econometrica, Vol. 54, No. 6, Nov. 1986, pp. 133 9-1356.
Handle: RePEc:nbr:nberwo:1459

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  1. Fields, Gary S. & Mitchell, Olivia S., 1984. "The effects of social security reforms on retirement ages and retirement incomes," Journal of Public Economics, Elsevier, Elsevier, vol. 25(1-2), pages 143-159, November.
  2. Heckman, James J, 1978. "Dummy Endogenous Variables in a Simultaneous Equation System," Econometrica, Econometric Society, Econometric Society, vol. 46(4), pages 931-59, July.
  3. Olivia S. Mitchell & Gary S. Fields, 1983. "The Economics of Retirement Behavior," NBER Working Papers 1128, National Bureau of Economic Research, Inc.
  4. Lawrence H. Summers, 1983. "Observations on the Indexation of Old Age Pensions," NBER Chapters, National Bureau of Economic Research, Inc, in: Financial Aspects of the United States Pension System, pages 231-258 National Bureau of Economic Research, Inc.
  5. Paul J. Taubman & Robin C. Sickles, 1983. "Supplemental Social Insurance and the Health of the Poor," NBER Working Papers 1062, National Bureau of Economic Research, Inc.
  6. Grossman, Michael, 1972. "On the Concept of Health Capital and the Demand for Health," Journal of Political Economy, University of Chicago Press, University of Chicago Press, vol. 80(2), pages 223-55, March-Apr.
  7. Hanoch, Giora & Honig, Marjorie, 1983. "Retirement, Wages, and Labor Supply of the Elderly," Journal of Labor Economics, University of Chicago Press, University of Chicago Press, vol. 1(2), pages 131-51, April.
  8. Butler, J S & Moffitt, Robert, 1982. "A Computationally Efficient Quadrature Procedure for the One-Factor Multinomial Probit Model," Econometrica, Econometric Society, Econometric Society, vol. 50(3), pages 761-64, May.
  9. C. Gourieroux & Jean-Jacques Laffont & A. Monfort, 1979. "Coherency Conditions In Simultaneous Linear Equation Models With Endogenous Switching Regimes," NBER Working Papers 0343, National Bureau of Economic Research, Inc.
  10. Boskin, Michael J, 1977. "Social Security and Retirement Decisions," Economic Inquiry, Western Economic Association International, Western Economic Association International, vol. 15(1), pages 1-25, January.
  11. Mallar, Charles D, 1977. "The Estimation of Simultaneous Probability Models," Econometrica, Econometric Society, Econometric Society, vol. 45(7), pages 1717-22, October.
  12. Lee, Lung-Fei, 1982. "Health and Wage: A Simultaneous Equation Model with Multiple Discrete Indicators," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 23(1), pages 199-221, February.
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